Peter Corp. owns 70% of Slant Inc.'s common stock. During the Year 20x1, Peter sold Slant $320,000 of inventory on the same terms as sales made to third parties. Slant sold all of the inventory purchased from Peter in 20x1. The following information pertains to Slant and Peter's sales for 20x1. Peter Slant Sales $1,600,000 $800,000 Cost of sales $700,000 $450,000 Which amount should Peter report as cost of sales in its Year 20x1 consolidated income statement?

$1,150,000

$700,000

$830,000 450,000